本文選題：創(chuàng)業(yè)板　切入點(diǎn)：成長(zhǎng)性　出處：《華東理工大學(xué)》2013年碩士論文

【摘要】：公司成長(zhǎng)性一直是學(xué)者們研究的熱點(diǎn)問題,包括成長(zhǎng)性影響因素的分析、成長(zhǎng)性的評(píng)價(jià)等。我國(guó)的創(chuàng)業(yè)板市場(chǎng)備受矚目,其上市公司的成長(zhǎng)性更是人們關(guān)注的熱點(diǎn)話題。本文以創(chuàng)業(yè)板上市公司的成長(zhǎng)性為出發(fā)點(diǎn),首先對(duì)國(guó)內(nèi)外有關(guān)公司成長(zhǎng)性的文獻(xiàn)進(jìn)行了回顧,然后選取我國(guó)2009年、2010年在創(chuàng)業(yè)板上市的146家公司為研究樣本,從盈利能力、擴(kuò)張能力、償債能力、現(xiàn)金實(shí)力、管理水平及創(chuàng)新能力六個(gè)方面選取了8個(gè)財(cái)務(wù)指標(biāo),運(yùn)用因子分析方法提取出了三個(gè)影響成長(zhǎng)性的主要因子,分別命名為費(fèi)用水平因子、現(xiàn)金及擴(kuò)張能力因子、償債能力因子,建立了成長(zhǎng)性評(píng)價(jià)的模型,利用模型對(duì)樣本公司計(jì)算出成長(zhǎng)性得分并排名。然后選取成長(zhǎng)性排名前十和后十的兩組公司的業(yè)績(jī)進(jìn)行比較,發(fā)現(xiàn)成長(zhǎng)性排名靠前的公司的業(yè)績(jī)明顯好于成長(zhǎng)性排名靠后的公司的業(yè)績(jī),由此證明論文本文建立的成長(zhǎng)性評(píng)價(jià)模型的準(zhǔn)確性。最后把所有146家樣本公司分為高成長(zhǎng)性、中成長(zhǎng)性、低成長(zhǎng)性三組,針對(duì)三個(gè)主因子分別建立簡(jiǎn)單線性回歸模型,結(jié)果發(fā)現(xiàn)費(fèi)用水平因子在三組公司中都與成長(zhǎng)性水平負(fù)相關(guān),償債能力因子與成長(zhǎng)性水平正相關(guān),而現(xiàn)金及償債能力因子在低成長(zhǎng)組的樣本公司中表現(xiàn)出正相關(guān),但在中成長(zhǎng)性及高成長(zhǎng)性的公司中的相關(guān)關(guān)系不顯著。
[Abstract]:Corporate growth has always been a hot topic for scholars, including the analysis of growth factors and the evaluation of growth.The growth of listed companies is a hot topic in China's gem market.In this paper, the growth of gem listed companies as the starting point, the first review of the literature on the growth of companies at home and abroad, and then selected 146 companies listed on the gem in 2009, 2010 as the research sample, from the profitability,Eight financial indexes are selected from six aspects of expansibility, solvency, cash strength, management level and innovation ability, and three main factors affecting growth are extracted by factor analysis, which are named cost level factors, respectively.The cash and expansibility factor and the solvency factor are used to establish the growth evaluation model. The growth score and rank of the sample company are calculated by the model.Then we compare the performance of the top 10 and the last 10 groups of growth companies, and find that the performance of the companies with the top growth rank is obviously better than that of the companies with the lower growth rank.This proves the accuracy of the growth evaluation model established in this paper.Finally, all 146 sample companies were divided into three groups: high growth, medium growth and low growth. A simple linear regression model was established for the three main factors. The results showed that the cost level factor was negatively correlated with the growth level in the three groups.Solvency factors were positively correlated with growth level, while cash and solvency factors were positively correlated in low growth group, but not significant in medium growth and high growth companies.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F224

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本文編號(hào)：1694436